Volkswagen CFO: Chip Supply Shortage Will Continue Until 2024

Volkswagen's chief financial officer (CFO) Arno Antlitz said in an interview with German daily Boersen-Zeitung on Saturday that semiconductor chip supply is unlikely to fully meet demand again before 2024, according to Reuters.

While bottlenecks may begin to ease by the end of this year and production will return to 2019 levels next year, it will not be enough to meet the growing demand for chips, he said.

"The structural undersupply may not resolve itself until 2024," Antlitz said.

The lack of wiring harnesses in Ukraine has also resulted in the absence of some components, Antlitz said, although the company is establishing new supplier relationships to source components from other countries.

Asked how funds from Porsche's planned IPO at the end of the year could be used to support Volkswagen's finances, Antlitz said the money would help support the automaker's software division and its battery production plans Funding.

“Only those who can map out their battery supply chain have an advantage in scaling EVs. Securing the supply chain follows. Porsche’s IPO could give us more flexibility in financing, "Antlitz said.

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